SINGAPORE: ThaiBev's TCC gives Fraser & Neave until 2 January over deal

By | 11 December 2012

The battle for F&N looks set to continue into the New Year

The battle for F&N looks set to continue into the New Year

ThaiBev-controlled TCC Assets has extended its offer deadline for Fraser & Neave for a third time. 

The British Virgin Islands-registered TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, said today (11 December) that the closing date for its mandatory conditonal cash offer has been extended to 2 January. The previous deadline for the SGD8.88-per-share offer, totalling SGD9bn (US$7.36bn), was today

Prior to that, an extension had been granted to its first offer in September.

Sirivadhanabhakdi, who holds a 35% stake in conglomerate F&N, is facing a battle with Singapore-based property group Overseas Union Enterprise (OUE) for F&N. Last month, OUE submitted a SGD13.1bn (US$10.7bn) cash offer for full control of F&N, topping TCC's bid. The deadline for the OUE bid is 3 January.

If the OUE bid is successful, Kirin Holdings has agreed to acquire F&N's food & beverage business for SGD2.7bn. 

Heineken, meanwhile, has escaped the impact of the latest bidding war after last month completing its acquisition of F&N's stake in Tiger brewer Asia Pacific Breweries

Expert analysis

Fraser and Neave, Limited (F99) - Financial and Strategic SWOT Analysis Review

Fraser and Neave, Limited (F&NL) is a Singapore-based diversified company, active in Food & Beverage, Property and Publishing & Printing industries. It manufactures and distributes breweries, non-carbonated beverages, dairy products, soft drinks and ice-creams. The company also develops properties and invests across commercial and residential properties, besides managing them. It has major interests in serviced residency segment. In addition, F&NL also offers investment funds services across Europe, Australia, North and Southeast Asia and the Middle East. It is also into printing and publishing operations across the US, Europe, Asia and Australia. The company also owns retail outlets and distributes books, magazines and other related commodities across Asia-Pacific. It operates along with its subsidiaries, joint ventures and affiliates. F&NL is headquartered in Singapore. F&NL, intends to pace of joint ventures in its Development Property business to enable its participation over a range of major projects. In line with this, the company entered into a conditional subscription cum shareholders agreement ("SSA") to form a joint venture with FCL Centrepoint Pte Ltd, to develop land parcels at Bandar Petaling Jaya, Daerah Petaling, Selangor, Malaysia.

Sectors: Mergers & acquisitions, Soft drinks

Companies: Kirin, Heineken

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